Define job costing. Explain its features and applicability.

Job costing is a cost accounting method used to track and allocate costs to specific custom-made products, projects, or services. It's particularly useful for industries where each unit of output is unique and requires individualized attention. In job costing, costs are accumulated for each job or project separately, allowing for accurate cost estimation, pricing, and profitability analysis.

Features of Job Costing:

1. Customized Production: Job costing is suitable for industries where products or services are made to order or are tailored to the specific requirements of customers. Each job is distinct and has its own set of costs.

2. Direct and Indirect Costs: Job costing considers both direct costs (materials, labor, and other expenses directly attributable to the job) and indirect costs (overhead costs shared across multiple jobs) when calculating the _________ ________ __________ __________ _______ _________ ____ ____.
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